I've been in commercial real estate lending for about 7 years so I suppose I'm not new to real estate however owing residential/small multifamily is a relatively new venture for me.

So I feel that really helps prepare me on some fronts as well.I have been talking about doing this for long enough and have made a promise to myself that 2022 is the year I do... something.

I am debating between a HELOC & Home Equity Loan for this current project.Does it make sense to take as much equity out of the house as possible NOW with a HELOC to pay for renovations & prepare to finance my next purchase?

And, as you continue to buy more properties and form more entities to segregate your assets, you may decide to form a parent holding company to reduce tax preparation fees, ease administration, and add an additional layer of asset protection between your properties and you personally (shown as HoldCo, LLC in the sample organizational chart).As for which form of entity to use, it can be state specific, so you should seek advice from an attorney practicing in your state.

So as I prepare for closing on my first house hack (hooray!)

I may even pay her more if the sale produces any profit, but that depends on who paid the mortage, utilities, and maintenance along the way.Be prepared for her to push back or stay longer.

My hope is to have this person:- Put a quick eye over the numbers I've run on this property- Provide a little guidance on how to secure financing (financing a fourplex has proven .. more difficult than anticipated) with this property, at the moment, being my primary residence- Provide some input on preparing a responsible contract to purchase a property privately, without an agentIf anyone is up for it, please reply here or message me directly! 

You can try to bill him for damages, but you're at his mercy unless you are prepared to go to court and get a judgement.

Before I invest too much time and money in this venture myself, I know i'm going to need a partner/s.

Best of luck to you on your new venture!